Northland Debuts in Thriving Nevada Market, Acquires Luxury Property Lumina at Spanish Springs
Nationally recognized multifamily owner and operator expands its portfolio through the acquisition of premier Reno-Sparks community
SPARKS, NV (February 18, 2021) – Northland Investment Corporation today announced its entrance into the Nevada market with the acquisition of Lumina at Spanish Springs, a sprawling multifamily residential community located in Sparks, NV. The property offers 330 tastefully designed one- to three-bedroom homes with resort-style amenities across beautifully-manicured grounds. Over the past few months, Lumina at Spanish Springs successfully completed its lease-up, facilitating an average of 35 move-ins during each month of the pandemic – a testament to the quality of its homes and the growing demand in the Reno-Sparks market.
“Lumina at Spanish Springs’s refined homes, ideal location, and superior amenities provide a fantastic living experience for residents, and we are thrilled about this acquisition,” said Mike Campbell, Associate Vice President of Investments at Northland. “The Reno-Sparks region’s reasonable property prices, low tax rates, and modest cost of living position the market extremely well for future growth as it continues to expand upon its established reputation as one of the most advantageous areas for development, especially in comparison to nearby California markets with sky-high costs of living and doing business. This acquisition and entrance into Reno reflect our long-standing commitment to affordable and business-friendly markets set up for long-term success, and we are proud to add Sparks, Nevada to our portfolio of key secondary markets.”
Lumina at Spanish Springs features a suite of luxurious amenities that enhance its exceptional lifestyle, including a resort-style swimming pool with cabanas and a separate hammock garden; a modern and fully equipped fitness center featuring TRX, cardio, boxing, kettlebell and weight training equipment; outdoor fire and barbecue areas; a resident lounge featuring a billiards room, shuffleboard, and ski ball; a business center; a dog park with play structures; and a variety of outdoor gaming options. Lumina residents can also take advantage of the many attractions that the surrounding area has to offer, including some of the world’s most popular outdoor destinations such as Lake Tahoe’s world-class ski resorts, beaches and hiking trails; the Black Rock Desert; Boca and Stampede Reservoirs outdoor services; Red Hawk Golf Course and Resort; and several local parks and trailheads. Lumina is also proximate to multiple prominent retail centers featuring dining, entertainment and shopping destinations, as well as the University of Nevada, Reno.
In addition to its amenity spaces and nearby points of interest, the homes at Lumina offer an unmatched residential experience. Each of its spacious homes are “corner units” featuring oversized windows, allowing residents to enjoy multiple exposures and abundant natural light. The units are equipped with gourmet chef-inspired kitchens featuring premium stainless-steel appliances, gas ranges, quartz countertops with undermount sinks, islands, subway tile backsplashes, and textured wood cabinetry for a sleek and modern feel. Lumina’s homes also feature full-size washers and dryers, elegant wood-style plank flooring in the living areas and plush carpeting in the bedrooms, as well as rentable and attached garages for added comfort and convenience.
Reno-Sparks has undergone an explosion of economic development over the past few years as high-profile international companies such as Tesla, Apple, Google, Amazon, Blockchain LLC, Switch Digital and Panasonic have established themselves in the region. Lumina at Spanish Springs is located close to the region’s two corporate hotspots, the Tahoe-Reno Industrial Center (TRI-Center) and Reno Technology Park, which are home to over 130 institutional companies. As the region continues to attract and cultivate these top-tier businesses, the local economy will continue to boom and its attractiveness as a market will rise even further.
Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. This acquisition adds Nevada to Northland’s portfolio of long-term secondary and tertiary markets within New England, Austin, and Southwestern and Southeastern United States.